BANK NIFTY & NIFTY Friday 29 May 2020 Daily Chart Analysis
(Morning update 8:15 am)
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SGX NIFTY STATUS
SGX nifty is very important parameter in order to identify gap up/gap down opening. SGX nifty trading around 9415 (time 8:10 am, 29 MAY 2020) Which is -.047 % Negative. As per current sgx level we can see slight gap down opening today in our market. you can watch current status of SGX nifty by clicking the SGX nifty image.
NIFTY,BANK NIFTY OPTION CHAIN ANALYSIS
If we look at Bank nifty option chain data (4JUN2020) then Total open intrest on calls side around 17 lakh and puts side 21 lakh which means it shows call writers are lees as compared to put writer.
Further if we look at Implied volatility at ATM (at the money), we will find 59.64 % on put side and 37.04 % on call side, Which means From Total OI its looks positive sentiments & IV data shows negative sentiments.
Similarly we can look for nifty option chain data. With that data also we are getting negative sentiments.
You can see Option chain data by clicking Nifty 50 & Bank Nifty image.
BANK NIFTY CHART ANALYSIS
On Bank nifty(spot), 5 minute chart I have market important Support and Resistance and few trend lines as shown in video.
As per sgx nifty level we are expecting gap down opening today in our market. Which means bank nifty may open around 18900-19000.
1st possible scenario,If bank nifty able to break 18950-19000 support then we can see fall up to 18750,18550,18350.
2nd possible scenario if bank nifty able to sustain above 19450 then we can expect 19750,19900,20000 levels upside.
You can see investing.com chart of bank nifty by clicking bank nifty image.
NIFTY 50 CHART ANALYSIS
Similarly if we look at nifty 50 (spot), 5 minute chart, today it will open gap down around 9400-9450.
In nifty all important support and resistance I have marked as shown in video.
1st possible scenario if nifty able to break its support down side which is around 9430-9440 we can see fall upto 9350,9300.
2nd possible scenario if nifty able to sustain above 9550 then we can see up move upto 9600,9670.
You can see investing.com chart of nifty 50 by clicking nifty 50 image.
By looking at all parameters and data points, I am sharing My personal view towards sideways to positive direction.
CEO @ TechWorld Day Trader
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